Hiring Managers: A Unique Chance to Secure Top Insurance & Wealth Talent

May 27, 2025 – As salary premiums decline, this is the ideal moment to build a stronger, future-ready team. The best talent in insurance and wealth management is more affordable than it has been in years—but not for long, according to a recent report from Lyneer Search Group, an executive talent acquisition firm specializing in finance and executive roles.

“The facts are clear,” the report said. “The economy is uncertain. It remains to be seen how widespread layoffs in the public sector will impact the unemployment rate and the economy. However, the threat of a recession means consumers are playing it safe. While we aren’t there yet, two consecutive quarters of negative GDP growth typically indicate a recession.”

How does this affect the job market in traditionally stable industries like insurance and wealth management? “Companies are less likely to negotiate with candidates who are demanding higher salaries to leave their current roles,” the Lyneer Search Group report said. “Moreover, economic uncertainty is forcing companies to reconsider salary premiums. For hiring managers, this is the moment to secure top-tier talent without breaking the budget.”

Are We in an Employers’ Job Market?

Market-driven salary offerings are more rigid than before. Lyneer points to in 2023 how switching jobs could result in a 7.7 percent increase in salary. Today, the pay gap between those who switch jobs and those who remain in their roles has changed. As of February 2025, it is now more lucrative to stay in your job (4.4 percent) than to switch jobs (4.2 percent). The Lyneer asks what does that mean for employers, candidates, and the job market? The firm says that a new model for employment negotiations emerges and points to these numbers

2023 Salary Increase Trends:

• Job switcher:  +7.7 percent salary increase.
• Job stayer: +4.6 percent salary increase.

February 2025:

• Job stayer: +4.4 percent salary increase.
• Job switcher: +4.2 percent salary increase.

Lyneer’s recent poll on LinkedIn reveals that base salary is only slightly ahead of work environment and culture when considering a new role. “This is an important insight as we head into Q2,” the firm said. “Hiring managers who emphasize other areas of opportunity like career trajectory and the options to work remotely or hybrid, can capitalize on the current salary trends.”

HR, Meet your Top-Tier Talent 

The facts are, economic uncertainty influences the job market, according to the Lyneer report. “Layoffs for non-essential workers, and minimal salary negotiation for essential roles, are the expectation in an economic downturn,” it said. “Take note, hiring managers. Specifically, the insurance and wealth management industries can leverage this trend to attract top-tier talent previously inaccessible due to higher salary expectations.”

Related: The Critical Role of Executive Leadership in Navigating Change

“Some industries are traditionally stable in the face of economic uncertainty,” the Lyneer Search Group report said. “Insurance and wealth management, for example, maintain resilience when inflation hits hard. When other companies are managing layoffs, these industries can effectively compete for high-quality candidates. Companies offering senior finance roles compete for top talent, indicating financial stability and willingness to invest in talent.”

What Can Hiring Managers Do?

Lyneer Search Group explained to act now and leverage this moment to invest in premier talent previously too expensive or unavailable. “Position your organization as the best choice with a total compensation value amidst salary normalization,” the study said. “Finally, move fast–the window of opportunity to procure premier talent may close sooner than expected.”

“This is the least expensive time to acquire new talent in the post COVID era because you don’t have to pay a premium to bring in external talent right now,” said Scott Noga, managing partner with Lyneer Search Group. “Traditionally, companies were paying a 20-30 percent premium for talent, now the market is showing there’s no switching cost to make this talent upgrade from a low performing employee to someone with more skills and experience.”

Times are always uncertain; however, hiring managers can retain premier talent, even while the wage gap for job seekers and job stayers narrows, the Lyneer Search Group report concluded. “The window could be small,” the firm said. “While the timing is right, hiring managers should seize it. The opportunity to hire top talent at a bargain won’t last forever. The time to act is now—before this window closes.”

For over 25 years, Lyneer Search Group has partnered with businesses to build, grow, and enhance their senior teams. The firm specializes in providing talent acquisition solutions for finance and executive roles, offering a personalized approach that focuses on long-term client relationships. By working closely with a select number of clients, Lyneer is able to deliver a high-touch experience, ensuring that the needs of each client’s entire finance organization are fully supported. Lyneer Search Group is headquartered in New York City.

Related: How Executive Search Firms Adapt

Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor  – Hunt Scanlon Media